Loop Capital analyst Alton Stump lowered the firm’s price target on Portillo’s to $21 from $27 and keeps a Buy rating on the shares. The company’s Q1 adjusted EBITDA missed expectations and comparable sales declined 1.2%, with the 2.0% higher ticket that included a 5.1% menu price increase that was partially offset by negative mix, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on PTLO:
- Portillo’s appoints Correia as CIO, Scarpino as CMO
- Portillo’s Strengthens Leadership Team with first Chief Information Officer and Chief Marketing Officer Appointments
- Portillo’s Inc. to Announce First Quarter 2024 Results on Tuesday, May 7, 2024
- Portillo’s price target lowered to $16 from $17 at Morgan Stanley
- Stephens resumes Portillo’s with an Overweight, names as ‘Best Idea’